Compare the top 8 expense management software and tools in Australia 2025

Technology is changing faster than businesses can adapt. The way we work changes by the day due to rolling and rapid innovations, and the expense management space is no different.

Using spreadsheets for business spend management can be inefficient for growing businesses, as it requires manual data entry and analysis. Imagine how much more you could be achieving if you automated your expenses. 

In this article, we’ll cover how to choose a business expense management software and the features to look out for. We’ll also take you through the best expense management software in Australia and why Airwallex might be a good fit for your business.

What are expense management software and tools?

Expense management software and tools provide a comprehensive solution to streamline the process of tracking, reporting, and reimbursing employee-initiated expenses. These powerful expense management solutions automate workflows, enforce spending policies, and provide real-time visibility into company spending, empowering businesses to make informed financial decisions.

According to our Simplifying Global Spend Report, 28% of companies report ineffective software is one of the biggest spend management challenges. As companies continue to grow, it's important that they tackle this problem by finding the best expense management software. 

How does expense management software work?

Expense management systems work by providing a centralised platform for tracking and managing business expenses. They typically involve mobile apps and web applications to automate and streamline the entire expense process, from submission to reimbursement. 

• Employee submits the expense report

• Assigned approvers receive and review the expense report

• Expense gets paid or reimbursed

• Accounting reconciliation

• Review expense reports in real-time

Expense management systems often integrate with accounting software, making it easier for businesses to reconcile their accounts and comply with tax regulations.

The top 8 expense management software platforms in 2024

• Airwallex: Airwallex is a global financial platform with a leading expense management solution designed to support businesses of all shapes and sizes. 

• Expensify: Expensify automates the receipt scanning process, helping employees submit expenses on the go.

• SAP Concur: Established in the US, Concur offers travel, expense, and invoice management. 

• MYOB: MYOB is an accounting software made for small businesses to manage expenses independently. 

• Quickbooks: Quickbooks offers a platform for accounting functions, including a mobile app for receipt scanning.

• Xero: Xero offers an accounting software generally used among startups and small businesses.

• Volopay: Volopay offers a financial platform for businesses within the APAC region.

• Zoho Expense: Part of the Zoho suite of business tools, Zoho Expense is their expense management offering.

Top features to look for in expense management software 

It can feel overwhelming when you start comparing expense management software. To help, we’ve compiled a list of the most important features to look out for: 

• Physical and virtual cards: Expense management providers often allow businesses to issue physical and virtual cards in the name of employees or the company. Cards can draw from company funds with pre-set limits and don't leave the employee out of pocket.

• Mobile receipt capture and OCR scanning: Look for solutions that offer easy receipt capture through mobile apps, allowing employees to snap photos of receipts on the go. OCR technology automatically extracts relevant data from receipts, reducing manual data entry and errors. 

• Customisable approval workflows and spend policies: Choose a solution that lets you create custom approval workflows based on your organisation’s unique needs. The ability to set spending limits, define approval hierarchies, and automate policy enforcement ensures that all expenses align with company guidelines.

• Real-time spend categorisation, tracking, and reporting: Real-time visibility into company spending is important for making informed financial decisions. Look for platforms that offer interactive dashboards and customisable reports, enabling you to monitor expenses by category, department, project, or employee. Real-time alerts and notifications help you stay on top of potential policy violations or unusual spending patterns.

• Multi-currency support for global expenses: Multi-currency support is a must-have feature for businesses with international operations or employees travelling abroad. Look for solutions that automatically convert costs incurred in foreign currencies, apply up-to-date exchange rates, and handle VAT (Value Added Tax)/GST (Goods and Services Tax) compliance requirements.

8 best expense management solutions

Compare features and additional fees 

Airwallex 

Founded in Australia, Airwallex is an end-to-end global financial solution which includes an advanced expense management tool. Designed for businesses with local and global ambitions, Airwallex offers multi-currency expense management, corporate cards, and automated approval workflows, making it easier to manage team spend. Tracking expenses is also made easy with expense reports, Bill Pay, and seamless accounting integrations. 

As Airwallex is an all-in-one financial operations platform, also offering Global Accounts, FX, Payment solutions, and high-rate savings solutions and more. Airwallex is great for businesses looking for an expense management solution as part of a centralised platform rather than a standalone service. 

Pros 

• An all-in-one platform for business financial operations, combining accounts, payments, corporate cards, and more

• Multi-currency cards to easily track global employee spend 

• Extensive analytical tools and processes for recurring payments

Cons

• No physical branches – digital only platform and service

• Does not serve sole traders

• For those looking to also utilise payments tools, Airwallex has extensive digital capabilities, but a physical POS system is coming soon

Expensify 

Expensify offers employee cards, bill and invoicing tools, expense approval workflows, and third-party card feeds. It integrates seamlessly with QuickBooks Online, Xero, NetSuite, and Sage Intacct. 

These features may be a better fit for larger businesses, as they may incur a higher cost due to the per-user fee structure. 

Pros

• User-friendly interface 

• Categorises expenses and matches receipts to transactions 

• Integrates with numerous accounting software

Cons 

• Pricing can be inaccessible  for small businesses and individuals 

• Manual entry may be required when autoscanned receipts aren’t showing the correct data

• Complexity in advanced features can lead to steeper learning curve for teams and admins 

SAP Concur

SAP Concur is designed to streamline and automate expense management processes through providing mobile receipt capture and customisable approval workflows.

This platform may be better aligned to the needs of large businesses, as the set-up and integration with this platform likely requires the expertise of a dedicated internal technical support person.

Pros 

• Integrates with SAP and other ERP systems 

• Supports multiple currencies and global compliance 

• Extensive features for managing expenses, travel, and invoices

Cons 

• No multi-currency corporate cards

• Non-transparent pricing – custom quote required

• Lengthy implementation time – may take several months 

MYOB 

MYOB’s starting bundle ‘Business Lite’ is designed for small businesses as it allows businesses to track GST and lodge BAS, manage inventory, and add payroll for up to two employees. They also offer expense reports and bill payments but are limited as they don't offer multi-currency support, likely making it unsuitable for businesses with global operations. Whilst subscription costs are relatively accessible, MYOB’s premium features like payroll and online invoice payments aren’t included. 

Pros 

• Reimbursement tracking and associated features like receipt scanning 

• Local ANZ support 

• Relatively intuitive interface for new users

Cons

• Limited third-party integrations

• No employee cards to track spend

• Subscription plans may be less accessible  for smaller businesses

Quickbooks

QuickBooks’s plans offer features such as integrations with a range of apps, a mobile accounting app, the ability to invite external accountants, and cloud storage. Fees vary by plan.. The lack of all features on mobile apps and mobile browsers, and the absence of refunds for early cancellation of annual subscriptions may be limiting.

Pros 

• Multi-user use for external parties 

• Easy integration into third party apps and services

• Generally suitable for small to medium-sized businesses 

Cons 

• Software can be considered complex when utilising more advanced features

• Higher-tier plans may be more less accessible for smaller businesses

• No employee cards to track employee spend 

Xero 

Xero has various features like accounting software, multi-currency expense management, bill payment, and expense reports. Whilst it’s generally used amongst startups and small businesses, it is limited with no physical or virtual employee cards, requiring businesses to source this from another fintech like Airwallex, or a bank. 

Pros 

• Extensive features for tracking reimbursements and bills 

• Offers a wide range of integrations

• Cloud-based software so it can be accessed from anywhere with internet

Cons 

• No cards employee available 

• Can be expensive with added users and more features

• Payroll may be limited compared to payroll-specific software

Volopay 

This expense management platform supports multi-currency funds, and offers, corporate cards, invoice management, procurement, subscription management, and ERP integrations with platforms like Xero, Netsuite, and MYOB. While Volopay offers general features, and may not be suitable for businesses with very specific or niche requirements. 

Pros 

• Supports multi-currency spending and activity

• Physical and virtual debit cards available for employees

• Automations and approval workflows are customisable

Cons

• May not be suitable for specific industries

• Limited customer support, being relatively new in the market

• Limited reach and may not support global compliance requirements 

Zoho Expense 

Zoho Expense's travel and expense management platform offers features including automated expense reporting, travel management, corporate card reconciliation, purchase requests, and comprehensive analytics. The platform supports mobile apps for iOS and Android, enabling employees to manage expenses on-the-go. It also integrates with other Zoho products like Zoho CRM, Zoho Books, and Zoho People, benefitting those already in the Zoho ecosystem. 

Pricing is based on the number of active users, which may be suitable for startups and small businesses. However, the platform may require some initial setup and training. 

Pros 

• Affordable pricing plans for small to medium-sized businesses 

• Robust mobile app for receipt scanning 

• Customisable workflows and approval processes 

Cons 

• Initial setup and configuration may be time-consuming 

• Limited integrations available with non-Zoho software 

• Users might find the customisation options complex

How can you save time and money with an expense management tool? 

Implementing an expense management tool can help businesses reduce costs and optimise their spending in several ways:

• Eliminate manual processing: By automating expense submission, approval, and reimbursement processes, expense management tools significantly reduce the time and resources required to manage expenses manually. This eliminates the need for paper-based processes, data entry, and manual reconciliation, saving staff time and reducing associated labour costs.

• Enforce spend policies: Expense management tools allow businesses to set up custom spend policies and automate policy enforcement. By defining clear rules around expense categories, approval limits, and reimbursement guidelines, businesses can proactively control spending and reduce the risk of fraud or policy violations. Real-time alerts and notifications help catch potential issues early, preventing costly mistakes.

• Negotiate better rates: With detailed, real-time expense data at their fingertips, finance teams can easily identify spending patterns and areas for potential savings. This visibility enables them to negotiate better rates with suppliers, vendors, or travel providers based on their company’s specific spend profile and volume. Businesses can secure discounts and preferential rates by consolidating spending and leveraging their purchasing power.

• Streamline reconciliation: Expense management tools that integrate seamlessly with corporate card programs and accounting software automate the reconciliation process. This eliminates the need for manually matching expenses with card statements or bank transactions, saving significant time and reducing the risk of errors. Automated reconciliation also enables faster month-end-close processes and more accurate financial reporting.

• Optimise cash flow: By providing real-time visibility into company spending, expense management tools help businesses make informed decisions about budgeting, forecasting, and cash flow management. Finance teams can easily track accrued expenses, monitor departmental budgets, and identify opportunities to optimise working capital. This proactive approach to spend management helps businesses allocate resources more effectively and avoid cash flow bottlenecks.

• Reduce fraud and compliance risks: Expense management tools that enforce spend policies, provide audit trails, and offer robust security features help businesses mitigate the risk of fraud and ensure compliance with regulatory requirements. By automating policy checks, flagging suspicious transactions, and maintaining detailed records, these tools reduce the likelihood of financial losses due to fraudulent activities or non-compliance penalties.

• By leveraging these cost-saving benefits of expense management tools, businesses can significantly reduce their overall expense processing costs, optimise their spending, and drive bottom-line profitability. As companies grow and their expenses become more complex, investing in a robust expense management solution becomes increasingly critical for long-term financial success.

What questions should you ask when onboarding an expense management solution? 

To help you decide which expense management tools work best for your business, you may consider these questions: 

• What are the platform’s strongest features, and do these features support my business’s needs?

• How well can it handle foreign currency expenses and payments?

• What integrations do they support? 

• Can they support other financial services? 

• What is their pricing model?

• What level of customer support is available, especially during onboarding?

•  How to implement expense management software?

Why manage your business expenses with Airwallex? 

If businesses need a better and faster way to track your business’s expenses, they may want to consider switching to Airwallex. The all-in-one platform automates manual data entry, reduces errors, and provides real-time visibility into spending. Users can save hours (or days!) on admin, and get more certainty around where their funds are going.

Airwallex is an excellent choice because it offers comprehensive spend management solutions for growing global companies. Its advanced integration with platforms like Xero, Netsuite, and SAP, combined with features like multi-level approval flows, budget controls, and unlimited Corporate Cards, make it a robust tool for managing expenses. Additionally, Airwallex’s global reach lets your business manage payouts effectively, no matter where your operations are located.

Create an Airwallex account and stay in control of your expenses today.

Sources

1. https://veridion.com/blog-posts/spend-management-statistics/

2. https://use.expensify.com/expense-reports

3. https://www.expensify.com/pricing

4. https://www.concur.com.au/get-quote-form

5. https://www.myob.com/au/pricing

6. https://www.myob.com/au/products/myob-business/lite

7. https://quickbooks.intuit.com/au/pricing/

8. https://www.xero.com/au/pricing-plans/ 

9. https://www.volopay.com/au/pricing/

10. https://www.zoho.com/au/expense/

Disclaimer:The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.